MONEY Investing The Economy Europe’s Central Bank Is Paying Negative Interest Rates. What Does That Mean? June 5, 2014 SHARE Kai Pfaffenbach—Reuters Mario Draghi, President of the European Central Bank (ECB). On June 5, the ECB introduced negative interest rates on deposits held by banks. The European Central Bank tests out the radical idea of interest rates that are less than zero. Will this keep the Eurozone from slipping back into deflation?